The crypto strategist who nailed the end of the Bitcoin (BTC) bull market in 2021 is warning of a market correction.
Pseudonymous trader Pentoshi tells his 696,600 Twitter followers that he continues to believe Bitcoin will cross the $32,000 level.
However, he warns a correction will likely follow as investors trade on the fear of missing out (FOMO) and over-leverage themselves, setting the stage for a dip.
“BTC: As we approach [the] $32,000 area, if you’re finally thinking of getting long it’s time to ask what you’re targeting if so. I think if we get a larger correction, it’s from that $32,500 area where late longs jump in and people begin to over-leverage.”
Looking at his chart, Bitcoin’s key support levels are at about $29,100, $26,600 and $25,100.
Previously, Pentoshi said that Bitcoin’s latest pullback met his forecast of a BTC retracement below $30,000 and that Bitcoin continues to look ready to move to a higher leg up after holding support at around $30,000.
The trader is also forecasting that Bitcoin will hit a new all-time high of $180,000 in 2026, and he predicts a bottom price level in that cycle at $69,000.
“The year is 2026, BTC is trading at $180,000.
People are saying: ‘We are so early.’
You are saying, ‘Top.’
They are saying: ‘This time is so different.’
You are buying back at $69,000.”
Bitcoin is trading for $30,517, down 0.6% during the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DreamStudio
